Bullion intraday road map for Nov 10, 2011

Gold: nice selling seen in gold yesterday and it has done our 1^st target of 1766 as given in our morning market road map, currently trading at 1761, day trading range 1749-1800, immediate support seen at 1749, reversal from 1750 area would signal another fresh advance for new highs that will take it to 1820-1842 zones. 1749 is important to watch failure below 1749 would signal a decline till 1725-1704 area. Trader can look for buying near lower band of this range.

Silver: currently trading at 33.81, day trading range is 33-35, as per daily chart it seems that selling pressure may continue in silver and selling on rise can be a good decision for the day 35$ will remain strong resistance for the day . Immediate support seen at 33.20 below this a fall till 32.80-32.20 can’t be ruled out on intraday 240 trend is down. Current move is looking bullish and a rebound from this bottom can’t be ruled out trader can go long at current price 33.83-33.75 for targeting 34.15-34.60 with stop loss of 33.60. but trend will remain down for the day and selling on rise near upper band is good .

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LIC Housing Finance; time for bulls?

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Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

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